BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A contract is defined as a legally binding agreement between two parties who are referred to as a promisor, promisee, and beneficiary.

Detailed explanation-2: -The party to a contract is the person or business responsible for all of the obligations in the contract. Thus, if an obligation isn’t performed, the named party is the one who will be held responsible. If it’s an individual, then that individual will be personally liable.

Detailed explanation-3: -There are two parties in a contract: the promisee and the promisor. A promisor refers to the party that makes the promise, while a promisee is a party that receives the promise. The other party set to benefit from a contract is referred to as a third-party beneficiary.

Detailed explanation-4: -Unilateral Contracts As the name suggests these are one-sided contracts. It usually comes into existence when only one party makes a promise, which is open and available to anyone who wishes to or can fulfil the said promise.